Corporate - M&A news
Overview of the latest corporate and M&A news
New law introduces unfair terms prohibition in B2B relations
30 April 2019
A new impactful Belgian law has recently been adopted without raising much media interest. It introduces the general principle that any clause creating an obvious imbalance in the rights and obligations of contractual parties can be cancelled.
As a result, this principle, already known in business-to-consumer (B2C) contractual relationships, is extended to business- to-business (B2B) contractual relationships. It goes without saying that this new law will have important consequences for company relationships by questioning the legality of several contracts.
Belgian parliament adopts new Companies and Associations Code
1 March 2019
The law implementing the new Belgian Companies and Associations Code will enter into force on 1 May 2019.
The main changes and their impact in practice are described on Laga’s dedicated web page.
There is a fairly long transition period in which companies need to comply with the new Code.
Belgium implements the fourth anti-money laundering Directive - including UBO-register
10 October 2017
On 6 October 2017, a new law on anti-money laundering, counter terrorism financing and the use of cash was published in the Official Journal. The law transposes the fourth Directive on anti-money laundering (‘AML 4’) and the updated recommendations of the Financial Action Group into national law, while replacing the previous law of 1993 on anti-money laundering.
The most important change is the creation of a national Ultimate Beneficial Owner register (‘UBO-register’). Belgian companies and other legal entities must collect the necessary information on their beneficial owner(s), which is recorded in the UBO-register.
Significant shift in Belgian corporate law
7 October 2016
Several newspapers including De Tijd and L’Echo, have reported on Minister of Justice Koen Geens’ intention to implement the proposals made by the Belgian Centre for Corporate Law (BCV-CDS) – a think-tank which gathers professors and researchers of all Belgian law faculties.